Review of literature and data regarding effects of regulations on housing supply, labor supply, and business location. Although this was a collaborative effort, I worked mostly on chapters 2 and 3, which are summarized in a May 2007presentation given at HUD.

Discussion of price measures and the persistence of high price-to-income ratios in high cost areas. The title was unfortunate, given the irrational exuberance that mainly occurred after this article was written.

Demographic and other factors were favorable for condos, but few were built in the 1990s. I hope this article wasn't responsible for the overbuilding that subsequently occurred. In home building, and many other activities, what'sgood in moderation becomes bad in excess.